The U.S. Chamber of Commerce is slamming President Obama’s “ill-advised” decision to release 30 million barrels of oil from the Strategic Petroleum Reserve. “The Obama Administration’s decision to release oil from the Strategic Petroleum Reserve is ill-advised and not the signal the markets need,” Karen Harbert, the president of the Chamber’s Energy Institute, said in a statement. “Unrest in the Middle East is likely to continue for quite some time, so a temporary increase in supply is not a substitute for a long term fix.”

For the last six weeks, the price of gas has dropped steadily on its own.

Now today the pResident releases the national oil reserves to help "the ongoing loss of crude oil due to supply disruptions" as the price drops.

Next week as the price drops further, expect the idiot in chief to rush to his teleprompter to claim responsibility for driving down those crushing prices at the pump. Which he will continue to stump on as long as he can during his re-election bid.

ColonialMarine0431

06-24-2011, 04:43 PM

Out of curiosity I did some checking. According to the U.S. Energy Information Agency (EIA) we consume about 20 million barrels PER DAY* in the U.S.

This ploy by Obama means nothing.

*As of 2008, the latest figure I could find with a quick search. No doubt the number for 2011 is higher

Source: http://www.eia.gov/emeu/aer/pdf/pages/sec11_21.pdf

Starbuck

06-24-2011, 05:00 PM

Out of curiosity I did some checking. According to the U.S. Energy Information Agency (EIA) we consume about 20 million barrels PER DAY* in the U.S.

This ploy by Obama means nothing.

*As of 2008, the latest figure I could find with a quick search. No doubt the number for 2011 is higher

Source: http://www.eia.gov/emeu/aer/pdf/pages/sec11_21.pdf

And ya won't even hafta SEARCH to figure out how much Libyan oil we use.:rolleyes:

But I've got more questions than answers to this whole thing about releasing reserves:

1) Release them to whom? Is the press saying they just GAVE away 30 million barrels? Because that's what it sounds like. Actually he just SOLD 30 million barrels, right? I mean, if you and I are in the refinery bidness, and you got 30 million barrels free I'm gonna squeal like hell.

2) So let's assume that the U.S. gov't sold 30 million barrels at the going price of 90$/Barrel. Those reserves didn't get there by magic; we bought them; a long time ago; at maybe 50$/Barrel; or something. Maybe $140/Barrel, I dunno. But I'd like to know.

3) Well, since we sold 30 million barrels, we have to replace them, right? Or at least we should. So now, after selling 30 million barrels for 90$ we gotta go buy them back at 90$. I guess:confused: So the total world wide demand for oil is unchanged; sold 30/bought 30.

There has got to be a bunch of things going on that I don't know about, but I gotta bitch a little here: The press is doing a terrible job of reporting this whole thing.:mad:

noonwitch

06-27-2011, 12:47 PM

It's also good timing for summer tourism, not just politics. Northern states like mine depend on tourists who are driving here.

lacarnut

06-27-2011, 01:07 PM

It's also good timing for summer tourism, not just politics. Northern states like mine depend on tourists who are driving here.

The Strategic Pet. Reserve was set up for national emergencies. Summer tourism is not an emergency. The government will have to buy back oil to replace it at a higher or lower price. An announcement that he will OBEY a COURT ORDER to allow drilling in the Gulf would have had a much, much, much more significant effect on the price. Of course libs and idiots up north do not understand the oil market. His announcement is strictly political cause the amount in question only accounts for a day and a half supply.